and it will create an all- elected board. as i said, i think we're getting close and i certainly will spare no effort to make sure that the members of delivers on its promises. that is the quality path we have embarked on. multiple promises made by multiple players from a multiple layers of interaction, more complicated than we were used to and when we adopted to make sure we always remain relevant, which means independent and credible because of the quality of the advice we give. and clearly, if you go back to robert frost, he was talking about those promises and he was also talking about the road to take. clearly, i hope we can take that road together and see if other under even better circumstances. thank you very much for lunch, fred. [applause] >> thank you very much for sharing your views on such a wide range of critical issues. let me of use my position as opposed to lead off with a couple of questions and then we will open it up to the audience. i would first like to ask you a question relating not only to your curren